finances

Question 1

what is extraordinary revenue

Answer 1

money that was collected for emergency purposes such as war and needs parliamentary approval first

Question 2

what’s ordinary revenue

Answer 2

money that was collected regularly without the need to ask parliament first

Question 3

how much did crown land revenue increase from and to under Henry

Answer 3

start of reign - £22,000 per year
end - £40,000 per year (significant increase as size of crown lands enlarged throughput reign)

Question 4

how did Crown lands increase (3 reasons)

Answer 4

• Act of Resumption in 1486 recovered all previous crown lands back not in their possession since 1455
• lands held by king from either inheritance or from traitors in which it had been confiscated off
• in 1495 all land previously held by Richard III was given to Henry

Question 5

what is a relief

Answer 5

inheritance tax

Question 6

what occasions did Henry have to get loans for demonstrating his strained financial position at the beginning of his reign

Answer 6

his coronation, marriage and northern progress (to suppress rebellion)

Question 7

what did Henry do to raise revenue instead of creating new sources of it

Answer 7

he exploited the existing systems of it to the maximum, successfully

Question 8

what is an example of a noble signing bonds as a promised commitment of good behaviour

Answer 8

Marquis of Dorset signed bonds totalling £10,000 in 1491

Question 9

what is a bond and recognisance

Answer 9

written agreement and formal acknowledgement of debt obligations

Question 10

what was the purpose of parliamentary grants

Answer 10

to help the king when national interest was threatened (extraordinary revenue)

Question 11

examples of when parliamentary grants were used

Answer 11

battle of stoke, war against French within the Brittany crisis, defence against Scottish aggression over Warbeck

Question 12

what are benevolences (extraordinary revenue)

Answer 12

forced loans without repayments
1491, Henry raised £48,500 to take his army to France

Question 13

what is feudal aid (extraordinary revenue)

Answer 13

due asked for on special occasions
£30,000 for knighting of King Arthur

Question 14

when was the treaty of Etaples

Answer 14

1492

Question 15

why was the treaty of Etaples enacted

Answer 15

it was a bribe to remove English armies from French land

Question 16

how much did French through the treaty of Etaples pay England per year

Answer 16

£5000

Question 17

what was Henry’s uncle Jasper Tudor rewarded with for loyalty from Henry

Answer 17

land In Wales and Ireland - but he left no heir so all this land was reverted back to Henry when he died

Question 18

why was it necessary for Henry to spend money

Answer 18

needed to improve his security - absence of a regular army meant it was essential for Henry to look and act the part of a powerful monarch especially compared to the extensive powers held by other European nations

Question 19

how much did the King of France earn per annum compared to Henry at the beginning of henrys reign

Answer 19

king of France - £800,000 per annum
King Henry - £113,000 per annum

Question 20

how much is it estimated that Henry spent on jewels and plate

Answer 20

just under £300,000

Question 21

Henry lent £138,000 to Phillip of Burgundy to fund his voyage to Spain as well as lending £226,000 to Maximillian (HRE) what was the outcome ?

Answer 21

neither loan was repaid but they paid dividends in terms of diplomatic alligences and loyalty

Question 22

did Henry spend a lot on propaganda

Answer 22

yes - no there monarch spent as much as him on this (apart from perhaps Henry V)

Question 23

reasons Henry wasn’t a miser

Answer 23

• only used the money to free his government from the crippling dangers of poverty (necessity and security)
• by European standards, his income was relatively small
• ensured crown’s financial independence from nobles and parliament (securing dynasty’s future)
• his financial policies were simply more cautious and strategic n comparison to his predecessors and his son who prioritised extravagance over security

Question 24

reasons Henry was a miser

Answer 24

• his avoidance to include himself in costly foreign wars enabled wealth to overtime accumulate in his treasury
• mass amounts of income flooding in for the crown (raised revenues from£3000 to £40,000)
• committed to ruthless and extensive tactics to increase revenue such as bonds and recognisances, exploitation of crown lands by harsh enforcers such as Dudley and Empson
• gold in the coffers of his chamber (extent of his wealth)

Question 25

who did the taxes

Answer 25

Henry himself in his chamber - only trusting himself and not delegating power to anyone else (perhaps highlights his financial paranoia?)

Question 26

what are custom duties

Answer 26

taxes on imports and exports - used to Increase royal income and protect English industries

Question 27

what did custom duties increase to under Henry

Answer 27

£33,000 to £40,000

Question 28

what did Henry do with feudal dues and by ho much did he increase them by

Answer 28

£350-£6000 - systematically exploited feudal dues to boost royal income